Great Pacific Gold Corp. (“Great Pacific Gold,” “GPAC,” or the “Company”) (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to announce that it has received notification from the Papua New Guinea Mineral Resources Authority (the “MRA”) of the grant of Exploration License 2711, which wholly covers the Kesar Creek Project. The notice was received on November 14, 2023 with the Exploration License in effect from October 31, 2023 for a period of two years until October 30, 2025.
Kesar Creek Project is contiguous with the K92 Mining Inc. tenements and a short distance from multiple epithermal vein deposits and porphyry targets identified on the K92 Mining Inc. project (see Figure 1).
Assays from an initial small scale sampling program at the Kesar Creek Project identified high-grade gold from veins in the same strike and orientation as those found on the K92 Mining Inc. tenements.
Exploration program to commence including blanket soil geochemical work to further define target areas for an upcoming drill program.
Bryan Slusarchuk, CEO of GPAC, states, “First of all, we would like to thank our project partner, geologist Andy Thomas, who did a significant amount of work securing the grant of the Kesar Creek Exploration License, concurrent with the support of the local landowners and communities. With the grant of the Exploration License, we are now in a position to carry out the necessary exploration work to define our lead drill targets. We look forward to building on the good work done to date at Kesar Creek, supported by the strong financial position of the company and a team with a track record of exploration success and discovery in-country.”
The Kesar Creek Project consists of one exploration license, EL 2711, and is contiguous with the K92 Mining Inc. tenements, approximately 10 km to the northwest and along strike from the Kora gold mine owned and operated by K92 Mining Inc.
Exploration at Kesar Creek has identified the presence of semi-massive copper rich sulphide mineralization associated with quartz veins on strike to the Kora gold deposit, as well as the potential for copper-gold porphyry prospects within the tenement. Although limited exploration has been carried out at Kesar Creek to date, initial rock sampling programs returned high-grade gold-copper-silver values including:
Rock sample no 14128 at 11.5 g/t Au
Rock sample no A1428 at 11.9 g/t Au
Rock sample no 9231F at 10.6 g/t Au
Rock sample no 14236 at 11.6 g/t Au, 29 g/t Ag
Rock sample no. A14023 at 30.4 g/t Au, 240 g/t Ag, 0.13% Cu
Under the terms of the underlying agreement on the Kesar Creek Property (see news release dated July 5, 2023), the Company will issue a total of 640,295 common shares in the capital of the Company and make a cash payment of CAD $100,000 to the consulting company of Mr. Thomas. The shares will be subject to restrictions on resale for a period of four months from the date of issue.
